HighTower Advisors LLC cut its holdings in shares of PDC Energy, Inc. (NASDAQ: PDCE – Get Rating) by 37.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,637 shares of the energy producer’s stock after selling 5,236 shares during the quarter. HighTower Advisors LLC’s holdings in PDC Energy were worth $ 420,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Principal Financial Group Inc. grew its position in shares of PDC Energy by 88.3% during the fourth quarter. Principal Financial Group Inc. now owns 1,830,697 shares of the energy producer’s stock valued at $ 89,301,000 after purchasing an additional 858,561 shares in the last quarter. Northern Trust Corp grew its position in shares of PDC Energy by 8.9% during the fourth quarter. Northern Trust Corp now owns 1,429,773 shares of the energy producer’s stock valued at $ 69,744,000 after purchasing an additional 116,369 shares in the last quarter. Bank of America Corp DE grew its position in shares of PDC Energy by 3.1% during the fourth quarter. Bank of America Corp DE now owns 1,088,162 shares of the energy producer’s stock valued at $ 53,081,000 after purchasing an additional 33,180 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of PDC Energy by 2.2% during the fourth quarter. New York State Common Retirement Fund now owns 996,207 shares of the energy producer’s stock valued at $ 48,595,000 after purchasing an additional 21,088 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of PDC Energy by 223.8% during the fourth quarter. First Trust Advisors LP now owns 820,470 shares of the energy producer’s stock valued at $ 40,023,000 after purchasing an additional 567,065 shares in the last quarter.
PDC Energy stock opened at $ 79.14 on Wednesday. The company has a 50 day moving average price of $ 72.30 and a 200-day moving average price of $ 62.19. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.58 and a current ratio of 0.58. PDC Energy, Inc. has a fifty-two week low of $ 34.52 and a fifty-two week high of $ 81.88. The company has a market capitalization of $ 7.55 billion, a PE ratio of 15.76 and a beta of 2.74.
PDC Energy (NASDAQ: PDCE – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The energy producer reported $ 3.66 earnings per share for the quarter, beating the consensus estimate of $ 3.18 by $ 0.48. PDC Energy had a net margin of 26.48% and a return on equity of 38.99%. The firm had revenue of $ 316.45 million during the quarter, compared to the consensus estimate of $ 702.98 million. During the same quarter in the previous year, the firm posted $ 1.41 earnings per share. The company revenue was up 10.6% on a year-over-year basis. On average, analysts forecast that PDC Energy, Inc. will post 17.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 23rd. Stockholders of record on Thursday, June 9th will be paid a dividend of $ 0.35 per share. This represents a $ 1.40 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Wednesday, June 8th. This is an increase from PDC Energy’s previous quarterly dividend of $ 0.25. PDC Energy’s payout ratio is currently 19.92%.
In related news, CFO R Scott Meyers sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $ 73.14, for a total value of $ 73,140.00. Following the completion of the transaction, the chief financial officer now owns 119,128 shares of the company stock, valued at $ 8,713,021.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David C. Parke sold 1,900 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $ 68.29, for a total transaction of $ 129,751.00. The disclosure for this sale can be found here. Insiders have sold 63,421 shares of company stock valued at $ 4,392,624 in the last ninety days. Insiders own 1.20% of the company stock.
A number of brokerages have recently weighed in on PDCE. Stifel Nicolaus raised their price objective on PDC Energy from $ 82.00 to $ 87.00 in a research report on Monday, February 28th. TD Securities lifted their price target on PDC Energy from $ 85.00 to $ 95.00 and gave the stock a “buy” rating in a research report on Wednesday, March 2nd. MKM Partners lifted their price target on PDC Energy from $ 72.00 to $ 84.00 and gave the stock a “buy” rating in a research report on Tuesday, March 1st. Wells Fargo & Company lifted their price target on PDC Energy from $ 71.00 to $ 97.00 and gave the stock an “overweight” rating in a research report on Monday, March 14th. Finally, BMO Capital Markets lifted their price target on PDC Energy from $ 65.00 to $ 73.00 in a research report on Tuesday, March 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, PDC Energy currently has an average rating of “Buy” and a consensus price target of $ 81.78.
PDC Energy Company Profile: (Get Rating)
PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.
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